Tuesday, January 18, 2022

UPDATE 1-Tech shares will lower European stocks

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* Utilities will fall due to the EDF power price limit

* Regional stock indices are in negative territory

* SAP cloud unit sees strong demand (Adds comment, updates prices)

January 14 () – European stocks fell after European stocks on Friday raised concerns about the impact of tighter monetary conditions by U.S. Federal Reserve officials, with technology stocks on a downward trend for the second time in a week.

The Pan-European STOXX 600 index fell 0.7%, weakening global markets amid nervousness after Federal Reserve Governor Lael Brynard became the last and highest-ranking U.S. central bank to signal an increase in anti-inflation rates in March. observed.

Almost all sectors and regional stock indices were in red. Technical stocks were down 1.4%, while bank shares were among the lowest.

“European equities have recovered from the downturn in Asia and the United States. There will be a much more aggressive stance in the fight against expected inflation,” said Susanna Streeter, a Hargreaves Lansdaun analyst.

The STOXX 600 continues to decline for the second week in a row in 2022, while the transition from growth to securities, which is said to be a key topic for markets in the coming weeks, will result in a 0.7% decline in technology. shares until this week.

European Central Bank Vice President Luis de Gindos said on Thursday that the sharp rise in inflation in the eurozone was not as transient as previously thought and that price increases could exceed forecasts.

Meetings between Russia and the West have been unsuccessful, with more than 100,000 troops on the border with Ukraine at the same time.

“There is growing nervousness around the escalation of tensions as entrepreneurs await the next move by diplomats,” Streeter said.

Utilities fell 1.2 percent, down 21.5 percent in the EDF power group, after a French state-controlled firm was ordered to sell more of its cheap nuclear energy to smaller competitors to curb rising electricity prices in the country.

Among other stocks, German software giant SAP returned initial earnings to a flat trade after saying it grew its fourth-quarter revenue from its cloud computing business by 28 percent.

Europe’s third-largest insurer, Assicurazioni CEO Francesco Caltagirone, fell 1 per cent after announcing his resignation from the board of directors due to disagreements in the boardroom between leading investors.

Silicon analyst Wacker Chemie said earnings in 2021 rose 4.7 percent after saying it was above its target range and higher than analysts had expected. (Anisha Sirkar’s interview in Bangalore; edited by Shounak Dasgupta)

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